The penetration testing market is gaining traction due to the increasing need to protect enterprise applications and data from emerging application layer attacks. Many enterprises across the globe still use web and mobile applications that contain vulnerabilities, which if exploited, might result in huge losses for the organizations. Enterprises are expected to increase their security spending in the upcoming years to ensure robust security for their IT infrastructure. The penetration testing market size is estimated to grow from USD 594.7 million in 2016 to USD 1,724.3 million by 2021, at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period. 2015 is considered to be the base year while the forecast period is 20162021.

The objective of the report is to define, describe, and forecast the market on the basis of testing services, deployment modes, organization sizes, industry verticals, and regions and also to provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges).

The research methodology used to estimate and forecast the penetration testing market begins with capturing data on key vendors revenues through secondary sources such as company financials, journals, press releases, paid databases, annual reports, and others. The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global market from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people, such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and to arrive at the exact statistics for all segments and subsegments. The breakdown of primary profiles is depicted in the below figure:

The penetration testing market size is expected to grow from USD 594.7 Million in 2016 to USD 1,724.3 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period. The major growth drivers of the market include the increased sophistication level in attacking techniques, and the need to meet compliance requirements.

The penetration testing market is segmented by testing service, deployment mode, organization size, vertical, and region. The wireless penetration testing segment is expected to grow at the highest CAGR during the forecast period; wireless penetration testing in the testing services is projected to witness the highest demand due to the increased wireless networks and devices connected with it being susceptible to vulnerabilities and threats.

Web application penetration testing holds the largest share of the penetration testing market in 2016. The growth is fueled by the growing attacks on the critical web applications of organizations. The BFSI vertical is expected to grow at the highest CAGR during the forecast period due to the increasing adoption of web and mobile-based business applications, which are susceptible to advanced cyber threats.

Organizations are rapidly deploying penetration testing services either on-premises or on cloud. The demand for cloud-based penetration testing services is increasing due to the cost-effective and time-efficient features of cloud; its growth is specifically high in enterprises, where low cost solutions are much required.

The global market has been segmented on the basis of regions into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America to provide a region-specific analysis in the report. The North American region, followed by Europe, is expected to become the largest revenue generating region for penetration testing vendors in 2016. This is mainly because in the developed economies of the U.S. and Canada, there is high focus on innovations obtained from research and development and technology. The APAC region is expected to be the fastest growing region in the penetration testing market. The growth in this region is primarily driven by the growing adoption of web- and mobile-based business applications.

The penetration testing market faces challenges such as high cost and complexity. Moreover, factors such as lack of awareness about risks associated with cyber-attacks limit the market growth.

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